Hillary Clinton Says Crypto Needs More Regulations to Ensure Russia Don’t Circumvent Sanctions

Former Secretary of State Hillary Clinton talks about the need for further rules and regulations on cryptocurrencies to ensure they are not used as an “escape route” by Russian to dodge sanctions.

In an interview with MSNBC, Hillary Clinton, former first lady and US senator, said that cryptocurrencies must not help Russia circumvent sanctions.

Several territories, including the US and Europe, respond to Russia with sanctions to weaken their economy while troops invade its neighboring country, Ukraine. But there are concerns that Russia might take the help of Crypto to help their fast-falling Ruble and economy.

On the other hand, Ukraine requested Binance and other exchanges to block accounts of Russian citizens, but the exchanges denied such a request. Not everyone is happy with this approach. One such person is former US First Lady Hillary Clinton.

In an interview with MSNBCcHillary expressed disappointment with such companies.

“I was disappointed to see that some of the so-called cryptocurrency exchanges, not all, but some of them, are refusing to terminate ties with Russia due to some, I don’t know, libertarian philosophy or whatever.”

Following this, the former US senator states that everyone needs to do as much as possible to isolate Russia’s economic activities at the moment.

“I think regulators are thinking seriously to figure out and provide guards with any kind of large financial market like crypto has become to help Russia, I think in the specific case of Ukraine, the US treasury department and the Europeans are looking how they can prevent crypto markets from giving an escape path to Russia, both Governmental and private transactions in and out of Russia.”

With Russia’s local currency Ruble seeing a 35% devaluation in the last seven days against the dollar, the Russian ruble no longer appears to offer any stability to its government and its citizens due to international sanctions.

That said, Hillary Clinton believes that Bitcoin can be used to evade such sanctions and serve as a capital buffer as BTC is a global currency, which has no controlling body.

Furthermore, the recent devaluation of the Russian ruble has caused even Bitcoin to surpass it in market capitalization as it demonstrates the power of the world’s largest cryptocurrency.